Opened Two S&S ISA’s in a Year

Aidanmc

Hope you dont mind me jumping on this thread, i have an similar issue!
I have a stocks & shares isa with AJ Bell for a few years, last year i opened another S&S Isa with Vanguard and then later last year also paid into the existing AJ Bell one.
What is likely to happen in this case?

Alexland

Aidanmc wrote: »

Hope you dont mind me jumping on this thread, i have an similar issue!
I have a stocks & shares isa with AJ Bell for a few years, last year i opened another S&S Isa with Vanguard and then later last year also paid into the existing AJ Bell one.
What is likely to happen in this case?

When you say 'last year' do you mean you have contributed to two S&S ISAs in the same tax year which starts 6th April each year? If so HMRC will review the situation and detail next steps.

Alex

Aidanmc

Yes Alex, i contributed to 2 S&S ISAs during 2018/19 tax year. The first one i funded was the 'new one' as such and then later i added to my previous existing one. Both together well within the 20k allowance.
I also withdrew some cash later from the previous existing S&S Isa which would have cancelled out the amount i contributed, but i don't know if that makes a difference to HMRC!
I guess wait and see what happens.
Thanks again

masonic

Most likely they will 'repair' the second S&S ISA (as you were within the overall limit), meaning no consequences for you, As AJ Bell does not allow flexible withdrawals the money you took out will be of little consequence, otherwise this would have got you off the hook.